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Will i need a application for an assumption if they are directly family?

Are there special considerations for family transferring a home? by dennisDfields001N... from Albuquerque, New Mexico. Sep 25th 2013 Reply


John Moran (TheHomeMortgagePro)
#8 ranked lender in Arizona - 656 contributions

Hi Dennis, Any loan that is assumable will require lender approval before it is assumed. Keep in mind, very few mortgages are assumable and even if the loan is, the person assuming it will have to qualify. It is best to contact your lender to see if the loan is assumable and if so, what the procedure is.

Sep 25th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

All government loans are assumable WITH Qualifying.. the only exception is when the original mortgage holder dies, and you inherit the home. Under that scenario, the estate deeds the property to you and you can assume the existing loan without the fear of the lender calling the note due... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Sep 25th 2013
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Adrielle Edwards (AdrielleEdwards)
#906 ranked lender in California - 96 contributions

If your loan is assumable ( most are not so be sure to check with your lender to be certain yours is), then yes, you will need to complete a full application and will need to qualify for the loan as well. You cannot just transfer ownership of the home without going through this process.

Sep 25th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

Hi Dennis, I don't know of any special exceptions for a family member who is assuming a mortgage. If I find differently I will update here with a new post. Have you asked your current lender about this? They have staff that deal full-time with loan assumptions and should be able to answer this question. Good luck to you and feel free to call with any questions. I am here in Albuquerque at 350-3745. Thank you.

Sep 25th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes most likely that lender will want an application and a full approval for an assumption.

Sep 25th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,791 contributions

If the current loan is assumable, contact your existing lender for help. Assumable loans are "with qualifying", so they will review the new persons qualifications before allowing the transfer.

Sep 25th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

If your assumption is denied, or is not available, consider taking the mortgage "subject to", by just starting to make the payments.

Sep 25th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

yes

Sep 25th 2013
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